Amidst a strong economy and housing market, long-term mortgage rates in the United States inched upward this week, and as Seattle Times reports, the increase in the cost of borrowing comes “just as more of the millennial generation is entering the real estate market.” According to a release from Freddie Mac earlier this week, “the average rate on 30-year fixed-rate mortgages rose to 4.40 percent, a slight gain from 4.38 percent last week.”
Read MoreA recent feature by Realogics Sotheby’s International Realty proclaims its “Seattle’s New Era of Condos,” as a new development spur is adding more new condominium projects to the city than in the last decade, the population continues to grow, residents and visitors are fueling new in-city attractions, and millennials decide to make the move from renting to homeownership. In addition to its position with the February edition of Portrait of Seattle Magazine, the condo insert was hand delivered to 1,500 broker mailboxes throughout the region, and was included in select copies of Puget Sound Business Journal, Wall Street Journal, Madison Park Times, Capitol Hill Times, Queen Anne & Magnolia Times, Magnolia News, City Living Seattle, The Monroe Monitor, Valley News, Eatonville Dispatch and Marketplace.
Read MoreAs Seattle continues to experience unprecedented economic and population growth, the question on many minds is can the city maintain its hot streak? According to Forbes, it can and will, as they report they're "betting on Seattle to maintain growth for the foreseeable future." The reasons include investment and development, high demand, a strong economy, and more.
Read MoreS&P Case-Shiller released their latest home price index last week, which showcases sustained growth for the Seattle market, with the Emerald City leading the nation for the hottest housing market for 11 consecutive months. As Mike Rosenberg of Seattle Times reports, “the Seattle metro area saw single-family home prices surge 13.5 percent during the 12 months ended in July,” according to Case-Shiller.
Read MoreThe July announcement of British Columbia's 15 percent transfer tax on foreign buyers and entities representing them sent ripples through the Pacific Northwest's real estate market. Those ripples seem to be shifting the waves in Seattle's favor, however. In the following months many articles and blogs were released stating that Seattle has become the new Vancouver. The shift began immediately and Vancouver saw a year-over-year reduction in selling volume in the year 2016; and by year's end, the number of sales over $1 million CAD were 16 percent lower than 2015.
Read MoreThe Seattle skyline will continue to be filled with cranes for a bit longer. Recently published in GeekWire, “A new report from the Downtown Seattle Association says the city is in the midst of a record $5 billion in current construction activity downtown.” The builders are rushing to meet demands of new residents (more than 1,000 a week) and businesses moving into the city. According to the 2017 Mid-Year Development Guide, residential work represents two-thirds of all projects underway and have 30,000 units under construction or in development.
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